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Canaan Inc. Announces New US$20 Million Share Repurchase Program Under US$100 Million Board Authorization

  • Canaan Inc. announced a US$20 million initial share repurchase program under a total US$100 million authorization approved by its board.
  • The authorization is valid for a 12-month period beginning November 6, 2026.
  • Chairman & CEO Nangeng Zhang cited progress on the 1 GW Duval County project under ERCOT's Batch Zero process as a key driver for confidence.
  • The company highlighted an additional 1 GW power project pipeline in Zapata County, Texas, as part of its transformation toward energy & computing infrastructure.
  • Management stated the program reflects a belief that shares are materially undervalued relative to the business model's strength.
  • Repurchases will be executed via open market transactions, privately negotiated deals, block trades, or combinations thereof.
  • Transactions will comply with the Securities Exchange Act of 1934 & the company's insider trading policy.
  • Funding for repurchases will come from cash on hand & other available liquidity sources.
  • The number of shares repurchased depends on factors including price, trading volume, market conditions, & working capital requirements.
  • Canaan Inc. designs ASIC high-performance computing chips, produces mining equipment, & provides software services.
  • The company shipped the world's first ASIC mining machines under the Avalon brand in 2013 & completed its Nasdaq IPO in 2019.
Company
Canaan Inc.
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Canaan Inc.